Plexus Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 29, 2012; Provides Earnings Guidance for the Fiscal Second Quarter of 2013 and Capital Expenditure Guidance for the Fiscal Year 2013
January 17, 2013 at 07:15 pm IST
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Plexus Corp. reported unaudited consolidated earnings results for the first quarter ended December 29, 2012. For the quarter, the company reported net sales of $530,532,000 against $529,654,000 a year ago. Income before income taxes was $17,686,000 against $19,640,000 a year ago. Net income was $16,616,000 or $0.47 per diluted share against $17,870,000 or $0.51 per diluted share a year ago. Net income, as adjusted was $16,616,000 or $0.47 per diluted share against $17,870,000 or $0.51 per diluted share a year ago. Cash flow provided by operations was approximately $9 million. During the quarter the company spent $26 million in capital expenditures with approximately $16 million for footprint expansion in Oradea, Romania and Neenah, Wisconsin.
The company provided earnings guidance for the fiscal second quarter of 2013. For the quarter, the company expects revenue to be $550 million to $580 million, diluted EPS to be $0.50 to $0.55. For the second quarter of 2013, gross margin is expected to be in the range of 9.1 to 9.3% down from gross margin of fiscal first quarter of 2013. Depreciation and amortization expense is expected to be approximately $12.6 million in the fiscal second quarter, up slightly from the $12.5 million in the fiscal first quarter. This results in expected operating margin of 4.0% to 4.1%.
The company announced capital spending forecast for fiscal 2013 remains at $100 million an increase from the prior fiscal year. The company estimating an effective tax rate for fiscal 2013 will be 6% to 8% to 8% consistent with the 7% for fiscal 2012.
Plexus Corp. is specialized in providing design and development, supply chain solutions, new product introduction, manufacturing, and sustaining services. The Company offers solutions to industrial, healthcare/life sciences and aerospace/defense market sectors by comprehensive solutions throughout the products lifecycle. Its segments include Americas (AMER), Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA) regions. Its design and development services include user-centered design (UCD), mechanical engineering, electrical engineering, quality, and compliance engineering, project management, and software engineering. Its supply chain services include design for supply chain, supply chain risk management, actionable analytics, innovative sourcing, and others. Its new product introduction includes test engineering, rapid prototyping, and transition management. Its sustaining services include aftermarket services, product lifecycle extension, and distribution management.
Plexus Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended December 29, 2012; Provides Earnings Guidance for the Fiscal Second Quarter of 2013 and Capital Expenditure Guidance for the Fiscal Year 2013